“Today’s Labour Force data from the ABS is consistent with continuing growth and the somewhat higher growth outlook recently forecast by the RBA,” Innes Willox, Chief Executive of the national employer association Ai Group said today.
“Employment growth was strong and monthly hours worked rose by a slightly higher proportion than employment. The participation rate was up and set new records both for females and in overall terms.
“There appears to be no clear implication for interest rates with employment growing firmly and unemployment a bit higher. The strength in the labour market and the gentle character of the easing in October were anticipated by the RBA and were factors in the November rate increase.
“The easing was most noticeable in the edging up of the unemployment rate (back to the level in July and August) and in the larger increase in part-time jobs than full-time jobs.
“It is likely that a solid share of the employment growth and record participation for women reflects a lift in labour supply in response to tighter household budgets.
“The ability of the economy to provide these jobs is a plus for households but may mean that the desired slowdown in spending to address inflation is somewhat deferred,” Mr Willox said.
